Financial aid and legal assistance for youths setting up their first start-up company

Youths between the ages of 18 and 30 who are entering the business world for the first time will be able to benefit from financial aid for fees related to setting up and maintaining the company, as well as a refund of legal costs related to its incorporation.

This was announced by the Minister for the Economy, Technology and Strategic Projects, Silvio Schembri, who explained that the initiative, implemented by the Malta Business Registry (MBR) and Malta Enterprise, is a manifesto measure. Through this initiative, the Government is continuing to strengthen entrepreneurship among youth and reduce obstacles that may prevent them from pursuing their ideas and business projects.

“There is strong enthusiasm among youths that, as a government, we are committed to providing the necessary tools to build a strong ecosystem. We started with Enterprise 16, and we are continuing with this financial assistance initiative. Beyond this, at the centre of everything is education and therefore these youths will be attending lessons to understand the responsibility involved and what it entails to run and operate a business,” said Minister Schembri.

The assistance mechanism will be based on a refund system jointly administered by the MBR and Malta Enterprise. The company pays the fees due to the MBR and can then apply to Malta Enterprise for a refund within six months of filing the incorporation or annual return.

The necessary adjustments have been made by the MBR so that companies of this type are classified as Start-Up Youths. This makes it easier for a start-up company to apply for a refund from Malta Enterprise within the first 6 months, which will cover the costs of incorporation fees and annual income for 5 years.

In addition, financial assistance will be provided to cover the costs of legal assistance, and those associated with the establishment and incorporation of the company. This will be provided in the first year of the establishment of the company and will be accompanied by a refund of the incorporation fee.

Through this initiative, the MBR and Malta Enterprise are continuing to strengthen the ecosystem of support for young entrepreneurs, while reducing start-up costs and providing concrete tools to those taking their first steps in the business world.

“Our vision is clear – we want Malta to continue to be the ideal destination for startups and entrepreneurs. By continuously refining our support structures and attracting international businesses, we want to continue to pave the way for long-term economic growth,” said Minister Schembri.

Meanwhile, during a discussion with the participation of young people, the Chief Executives of the Malta Business Registry and Malta Enterprise, Dr Geraldine Spiteri Lucas and George Gregory, respectively, affirmed their entities' support for youths who wish to venture into the world of business.

Photos (METP)

Comments: Minister Silvio Schembri; CEO MBR Geraldine Spiteri Lucas; CEO Malta Enterprise George Gregory; Founder of Midow Studios Ryan Camilleri